The Ministry of Finance of Latvia said State Secretary Baiba Bāne will represent Latvia at the Eurogroup and informal European Union Economic and Financial Affairs Council meetings in Nicosia on 22 and 23 May under the Cyprus Presidency. The agenda covers euro area macroeconomic developments, EU competitiveness, the digital euro and challenges arising from cryptoassets. Latvia is using the meetings to back further progress on the digital euro while calling for balanced development of private stablecoins with effective risk controls. At the Eurogroup on 22 May, ministers are due to discuss the euro area economic situation, competitiveness with a focus on housing affordability, and the progress of the digital euro project. Latvia said it supports the European Central Bank's work on systemic interoperability within a single European financial model and sees a harmonised, integrated payments environment as a precondition for an effective European economic area. During the informal ECOFIN discussions, ministers and central bank governors will examine EU competitiveness after recent geopolitical events and the use, economic importance and risks of stable cryptocurrencies. Latvia described progress on the digital euro framework as strategically important for euro area resilience, competitiveness and payments autonomy, and said private stablecoins should be accompanied by effective management of anti money laundering, counter terrorist financing and proliferation financing risks. On 23 May, ministers are also scheduled to discuss options for financing EU spending, including member state contributions, the EU budget and joint debt instruments.

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